Project your tax-free Roth IRA growth. See how much you'll accumulate at retirement and estimate your tax savings vs a Traditional IRA.
Roth IRA Details
2024 contribution limit: $7,000 ($8,000 if 50+)
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2024 limit: $7,000 (under 50); $8,000 (50+)
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Roth IRA Balance at Retirement
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100% tax-free
Tax-Free Earnings
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Total Contributions
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Tax-Free Growth
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Tax Savings vs Trad. IRA
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Years of Growth
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Investment Period
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Initial Balance
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Total Contributions
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Tax-Free Earnings
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Roth Balance at Retirement
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Equivalent Traditional IRA (after tax)
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Roth Advantage
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FAQ
What is a Roth IRA?
A Roth IRA is a tax-advantaged retirement account where contributions are made with after-tax dollars. All qualified withdrawals in retirement are 100% tax-free, including all growth.
Who can contribute to a Roth IRA?
Single filers with MAGI under $146,000 (2024) can contribute the full $7,000. Phase-out begins at $146K-$161K. Married filing jointly: full contribution under $230,000, phase-out $230K-$240K.
Roth IRA vs Traditional IRA: which is better?
Roth is better if you expect higher taxes in retirement. Traditional is better if you're in a high tax bracket now. Young people generally benefit most from Roth due to decades of tax-free compounding.
What is the 5-year rule for Roth IRA?
Your Roth account must be at least 5 years old before earnings can be withdrawn tax-free. Contributions (not earnings) can be withdrawn anytime without penalty since they were already taxed.